Innovation - a quick overview

In business
innovation means something new, it must be substantially different, not an
insignificant change. The change must increase value, customer value, or
producer value. Innovations are intended to make someone better off, and the
succession of many innovations grows the whole economy.

Innovation is about
creating value to the innovator as well as the user. The term innovation may
refer to both radical and incremental changes to products, processes or
services. The often unspoken goal of innovation is to solve a problem.

Innovation solution
may lie in the technology (product etc.) employed or it may lie in altering a
business model (processes, value proposition, value chain, complete offering,
services etc.).

Innovations fall
into three camps, radical, semi-radical and incremental. Each have an
associated risk level and usually correlated with a time frame. For example
radical innovation may require a large amount on investment usually taking in
excess of 18 months to develop.

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